Key Highlights

  • Cyclopharm reported record first-half FY26 global revenue of about AUD 17.1 million, up approximately 11%.
  • US Technegas revenue increased about 73% to roughly AUD 2.1 million during the half.
  • The company recorded 70 revenue-generating primary US sites as at 1 July 2026, up from 50 at its May annual meeting.
  • Cyclopharm deferred its target of 250–300 US installations until after 31 December 2026.

Cyclopharm Limited (ASX:CYC) entered the second half of 2026 with record revenue and faster US Technegas sales, but its most closely watched installation milestone has moved beyond the original timeline. The result presents two competing signals: commercial traction is building, while the pace of hospital adoption remains influenced by external clinical and operational factors.

Technegas Anchors the Business

Cyclopharm is a Sydney-based nuclear medicine company focused on Technegas, a technetium-99m radioaerosol used in lung ventilation imaging. Physicians use the product in studies that assist with conditions including pulmonary embolism.

Technegas has an established international presence across about 65 countries, with Cyclopharm reporting market share above 85% in mature markets. The company also operates a third-party radiopharmaceutical distribution business.

US Approval Opens the Main Growth Market

The US Food and Drug Administration approved Technegas in October 2023. Cyclopharm’s expansion strategy now depends heavily on converting American hospitals into recurring customers through installations, staff training and wider clinical acceptance.

As at 1 July 2026, the company had 70 revenue-generating primary US sites, compared with 50 at its May annual meeting. Cyclopharm has also referred to an engaged US pipeline of more than 1,600 sites.

First-Half Revenue Reaches a Record

For the six months ended 30 June 2026, Cyclopharm reported global revenue of about AUD 17.1 million, up roughly 11% from the prior corresponding period. Technegas revenue increased about 22% to approximately AUD 9.4 million.

US Technegas revenue rose about 73% to roughly AUD 2.1 million, while rest-of-world Technegas sales increased about 13% to around AUD 7.2 million. Third-party distribution revenue remained broadly unchanged at approximately AUD 7.8 million.

The update reported revenue rather than a complete statutory result, so the company’s first-half net profit or loss was not disclosed in the supplied information.

Installation Target Moves Beyond 2026

Cyclopharm had aimed to reach 250–300 US Technegas installations during the second half of calendar 2026. It has now deferred that milestone until after 31 December 2026.

Management linked the delay to the timing of final international lung-imaging clinical guidelines from bodies including the SNMMI and EANM. The guidelines are expected to name Technegas as a preferred ventilation agent but were still awaiting publication in the Journal of Nuclear Medicine.

The company retained its medium-term target of more than 2,000 US installations. That figure remains forward-looking and depends on hospital conversion, guideline publication and commercial execution.

Cash Use Remains in Focus

Cyclopharm ended June 2026 with about AUD 12.2 million in cash after consuming approximately AUD 7.8 million in net cash during the half. The company stated that it had passed peak cash burn, making subsequent quarterly cash-flow reports important for assessing whether expenditure is moderating as revenue grows.

What May Be Watched Next

Key developments include publication of the clinical guidelines, growth in revenue-generating US sites, the revised installation timeline and the next cash-flow update. Progress across these areas may indicate whether record revenue can translate into a more sustainable US commercial base.

Key Risks

The delayed installation target shows that US adoption is not entirely within Cyclopharm’s control. Other risks include cash consumption, competition, regulatory and reimbursement conditions, and the modest absolute level of US revenue. Cyclopharm also faces a claim from 4DMedical seeking about AUD 24 million in damages, although the company has stated that it holds insurer indemnity for the matter.

What is Technegas?

Technegas is a technetium-99m-based radioaerosol used in lung ventilation imaging studies.

How much revenue did Cyclopharm report in first-half FY26?

Cyclopharm reported record global revenue of approximately AUD 17.1 million, representing growth of about 11%.

How many revenue-generating US sites did Cyclopharm have?

The company reported 70 revenue-generating primary US sites as at 1 July 2026.

When does Cyclopharm expect 250–300 US installations?

The company deferred this milestone until after 31 December 2026, without providing a more precise completion date.